Investing in the cryptocurrency market is risky, especially today when there are scams everywhere. Each day, hundreds of new projects make their debut in the cryptocurrency market. However, most of these new projects fail to deliver what they promise, with some even stealing from investors. Such scams have contributed to drawing investors out of this market. More scams mean less credibility in the market. That is why you should always do your own research when you invest in a crypto project.
Today, we will be talking about a certain crypto token, its credibility, and its potential. The token that we will talk about is ApeCoin, the hottest crypto project right now. Although this token is trending, is ApeCoin a good investment?
What is ApeCoin?
Before answering such questions, first, we will touch upon some of the basics of APE. This token operates on the Ethereum blockchain and is therefore considered an ERC-20 token. ApeCoin was inspired by the Bored Ape Yacht Club, the most valuable NFT collection right now. The creators of BAYC and ApeCoin are Yuga Labs. This company recently bought the CryptoPunks and MeeBits as well. This makes them the biggest non-fungible token (NFT) company in the market since it owns two of the biggest NFT collections in the world.
ApeCoin aims to help Yuga Labs build an ecosystem around BAYC. So, ApeCoin will power the whole ecosystem in the near future. Yuga Labs hinted that it will launch the Otherside Metaverse in April through a tweet. This tweet included a video of CryptoPunks, Bored Apes, MeeBits, and World of Women NFTs. See you on the Otherside.
See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
With ApeCoin, people will be able to vote on proposals made on the ApeCoin DAO, which is overseen by the Ape Foundation. Each of these aims towards full decentralization. Yuga Labs and the board of the Ape Foundation believe that ApeCoin will help Web 3 to develop by being at the forefront of decentralization.
ApeCoin Price Prediction
We at Crypto Academy did our research and came up with a price prediction for ApeCoin. For each price prediction, we consider different factors that might have a role in the future market performance of certain crypto. When it comes to ApeCoin, the main ones you should watch out for are its supply, goals, and its Metaverse.
At the time of writing, only 277 million APE are in circulation. The rest of the supply has not been distributed and will be distributed in the months to come. This means that the token is currently somewhat inflationary. FYI, the maximum supply of APE is capped at 1 billion tokens. The next thing I want to talk about is its goals. As mentioned before, ApeCoin aims to be at the forefront of Web 3.0. This project promotes decentralization and is working on a Metaverse that will include Play-to-Earn (P2E) games.
So, ApeCoin has the potential to skyrocket and possibly do a 10x sometime in the future. Our ApeCoin price prediction shows ApeCoin sitting at a price between $45-$80 sometime throughout 2022. As for 2023, ApeCoin might go higher than in 2022. However, our prediction shows APE sitting at a price of $60-$70 by the end of 2023. Moving on, ApeCoin might finally surpass the price of $100 in 2024, after the Bitcoin halving event. By 2026, APE could be trading at a price of $150 per token.
Should I buy ApeCoin?
When it comes to whether you should buy ApeCoin, that is for you to decide. We believe that ApeCoin is one of the best projects in the market right now, but we also believe that it is a bit overvalued. Considering how the market is currently moving, the amount of time you want to hold (HODLer) onto your investment determines whether ApeCoin is good for your portfolio. If you want to invest for the short run, then we suggest you look for another token. However, if you are looking for a token full of potential and has all of the elements required to skyrocket, then maybe you should buy ApeCoin. However, please do your own research before investing since this is not financial advice. All we can help you with is guides on how to buy and where to buy ApeCoin. Of course, we also present price forecasts from time to time.
Conclusion: Is ApeCoin a Good Investment?
We believe that ApeCoin is just getting started. Everything that we have researched so far points out the obvious – ApeCoin is a good investment. However, though, the cryptocurrency market is a volatile place and you should only invest what you can afford to lose. At the time of writing, the market is very uncertain and no one knows where the market is about to go. Nevertheless, such uncertainty usually lasts less than a year. When it comes to the long run, APE might prove to be one of your best investments to this day.
Takeaways
- The cryptocurrency market is full of scams. Yet, this does not mean that the market has no good projects, though. The good outweighs the bad, in this case.
- ApeCoin is one of the crypto projects that are credible, full of potential, and has a clear vision.
- This token operates on the Ethereum blockchain and is a governance and utility token.
- ApeCoin was inspired by Bored Ape Yacht Club and will serve as the backbone of the Otherside Metaverse.
- By the end of the year, APE might go as high as $80. By 2026, ApeCoin might reach a trading value of over $150.
- All in all, we believe that ApeCoin could prove to be one of the best investments you can make because of several factors.